000			01939nab a2200205 a 4500
999			_c199380 _d199380
003			OSt
005			20200226102016.0
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040			_aCO-BoUGC _cCO-BoUGC
100	1		_aNessa, Michelle L. _9177588
245	1	0	_aRepatriation tax costs and U.S. multinational companies´ shareholder payouts _cMichelle L. Nessa
300			_aPáginas 217 a la 241
520	3		_aThis paper examines whether and to what extent repatriation tax costs constrain U.S. multinational companies' (MNCs) distributions to shareholders. During the 1987–2004 sample period, I find that repatriation tax costs decrease U.S. MNCs' dividend payments, and the economic magnitude of the effect is substantial. I do not find evidence that repatriation tax costs decrease U.S. MNCs' share repurchases, on average. I find cross-sectional variation in the effect of repatriation tax costs on share repurchases based on U.S. MNCs' opportunities to fund repurchases through external borrowing and to minimize the incremental U.S. cash tax cost of repatriations. I do not observe an association between repatriation tax costs and U.S. MNCs' dividend payments or share repurchases during a more recent time period (2009–2014). This study contributes to our understanding of the impact of the current U.S. worldwide tax system on U.S. MNCs' real decisions and of the determinants of firms' payout policies.
650	1	4	_991036 _aContabilidad _vPublicaciones seriadas
650	2	4	_aDividendos _vPublicaciones seriadas _y(2009 - 2014) _9177589
650	2	4	_9176752 _aEmpresas internacionales _zEstados Unidos _vPublicaciones seriadas _y(2009 - 2014)
650	2	0	_9176583 _aImpuestos _vPublicaciones seriadas _xLegislación _y(2009 - 2014)
773	0		_082265 _9377623 _aThe accounting review 2017 V.92 No.4 (Jul) _o0000002032283 _x0001-4826 (papel) _h25 páginas _nIncluye tablas, referencias bibliográficas y apéndices
942			_2ddc _cART